BizBites by Ethique Advisory

In the third chapter of my ongoing series on  survival strategies for business  during the crisis, it's time to focus on the 3rd fundamental, the first 2 being Strategy & Cash Flow. “You are as good as your TEAM” is a famous saying, but it holds as true for a Business as it is for an individual. Remember, much as you like to believe, not you but your people who run the Business. It is  YOUR  job to take care of your people. The reality is people are your Biggest Asset. Retaining, then, keeping them motivated, developing them, growing them as individuals is your job. So, where does one start? It starts with  hiring  RIGHT. Do not be in a rush to fill the vacancy. You people with the skills that fit your company values; and will fit in with the existing team. It’s not just about finding the right skills; it’s about finding the right FIT. To create a winning team, we need A-players, but these A-players need to be complemented by steady and consistent ones....

Thriving in a Crisis is something we all would want to do. So, the question is, is it feasible? Yes, very much so. Growing Business in the face of Crisis is the theme of this series of blogs. In case you missed the first chapter, you will find it here So, what is step two in the journey of growing Business in the face of Crisis? The second key area of Focus is CASH. Seems like the obvious, yes? The first area of focus is the Cash Gap. What do I mean by cash gap…? Cash gap is the gap between the time you take to recover money from your debtors and the time you take to make payments to your creditors. As an entrepreneur, the aim must be to reduce this gap. The next step is to find ways to be more Cash efficient. What does that mean? It means ensuring you have enough liquidity to manage the hard times It entails taking stock of your fixed expenses in your Business. Depending on your selling cycle and the type of Business you have – b2c or b2b, see if you have enough Cash to weather adver...

The pandemic and its ensuing restrictions have made life increasingly challenging for entrepreneurs. Here is a series that I believe could help entrepreneurs strive even in the face of a Crisis. By its very nature, entrepreneurship comes with its share of challenges, successes, and failures, which makes the journey exciting and worth pursuing. As you progress on this journey come responsibilities, which become heavier as you realize every decision you impact not only the direction of the organization but the people helping you in driving business growth However, the crisis we face today takes this to a whole different level. Lockdown, cessation of business activity - a crisis we never envisioned and typically one is not prepared. How can an entrepreneur save the day in the face of a crisis? As a Business Growth Coach and an entrepreneur, my learning is that, for organizations to weather a crisis successfully, they need to have some key fundamentals in place. The one that tops the list...